Inter&Co Surpasses 30 Million Clients, Accelerating Growth Toward Its Five-Year Business Plan
Significant client increase driven by superior app experience and the convenience of meeting financial and commercial needs in one place
BELO HORIZONTE, Brazil, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Inter&Co, Inc. (Inter), (NASDAQ: INTR | B3: INBR32), a premier Super App offering financial and digital commerce services, today announced its client base has exceeded 30 million, marking a 24% jump year over year. This significant milestone in number of clients, including Brazilian and US customers, places the company ahead of its "60-30-30 Business Plan", presented early in 2023, which aims to reach 60 million clients by 2027 while maintaining a 30% efficiency ratio and achieving a 30% return on equity (ROE).
This announcement comes shortly after unprecedented third-quarter earnings report, where Inter&Co demonstrated a record net income of R$104 million, up 62% quarter-over-quarter (QoQ), a record activation rate of 52.7%, and revenue per active client of R$ 48. Total gross revenue also grew by 39% year-on-year to R$2.1 billion.
"After delivering another record-breaking quarter in 2023, reaching the milestone of 30 million clients reinforces the success of our business model," said João Vitor Menin, CEO of Inter&Co. "We have revolutionized the banking market by launching the first 100% digital account in Brazil and building a Super App integrated with the best solutions to empower people to live a smarter financial life. We're sure the best is yet to come."
Menin added: “The combination of growth and profitability is the engine that powers our innovative capacity and allows us to continue delivering long-term value to customers and all our stakeholders. Inter has demonstrated exceptional momentum in attracting clients ahead of schedule due to our seamless, well-designed in-app experience, coupled with the convenience of paying bills, saving, investing, shopping, and more in one place – simplifying the lives of millions of users.”
In 2023, Inter continued the expansion of its successful model and platform to the US through Inter&Co Payments, providing consumers with access to U.S. dollar-based products and services, including a Global Account with a debit card and a marketplace featuring US brands. Today, nearly 2 million clients access these products and services.
Looking ahead to 2024, Inter plans to continue fueling the growth and engagement of its clients. A key strategy to achieve this is Inter Loop, a loyalty program launched in May 2023, which rewards customers with points for using their credit card. These points can be exchanged for a series of benefits in Inter's digital ecosystem, including cashback, discounts in the marketplace, investments, and air miles.
About Inter&Co, Inc.
Inter&Co, Inc. is the holding company of Banco Inter (Inter) and indirectly holds all of Banco Inter’s shares. Inter is the premier Super App in Brazil, providing financial and digital commerce services to over 30 million clients. Inter&Co Payments offers a Global App platform and services in the US through partnerships with other financial institutions. Together, Inter and Inter&Co Payments provide a complete range of solutions in investments, credit, insurance, and cross-border services, as well as a marketplace that brings together top retailers in Brazil and the United States.
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